March 11, 2019
5 Keys to Business Banking Relationships
Let’s face it, relationships can be complicated. The one you have with your business banker, however shouldn’t be. Your business banker shouldn’t get in the way of your business, but help you move it forward. In order to do that, your banker needs to be a trusted advisor who does five very important things:
- Listens. When we first meet a business owner, we always begin with a meaningful conversation that focuses on their needs. We’ll start by asking a key few questions: What are you goals and plans for your business? What are some of your banking or cash flow challenges?
- Knows how you operate. In our discussions, we strive to learn more about the day-to-day operations of the business, asking questions, such as how do you handle your Accounts Payable and Receivable? And what strategies do you employ to protect your business from fraud?
- Takes the time to get to know you. Your business banker should understand that your business finances are just part of your financial life; you also have personal financial goals, such as buying a home or saving for college. A trusted advisor will take the time to get to know you and learn your goals.
- Provides holistic solutions. Once we have a greater understanding of your business and personal financial needs, we’ll provide solutions to help solve them. For example, if you are having difficulties with A/R, we’ll highlight our Business Manager Service which can accelerate your receivables. We’ll also connect you to other members of Avidia that can help you with your personal banking or investment needs.
- Connects with you. In order for a relationship to work, you need to have open communication. Your business banker should be in regular contact with you to see how your business is doing, evaluate changing needs or new opportunities, and see if you have any other concerns or ideas.
Some of the most successful business owners know that with a trusted business advisor working alongside them, they can accomplish more.